-15.49(-0.98%)

+0.18(+0.29%)

-1.40(-0.11%)

-0.01(-0.03%)

+0.00(+0.09%)

Forex Analysis: AUD/USD Classic Technical Report 12.03.2012

Prices put in a Bearish Engulfing candlestick formation below resistance at the top of a Descending Triangle chart pattern carved out since late August, hinting a move lower is ahead. Initial support lines up at 1.0378, the bottom of a Rising Wedge set from the early-October sewing bottom, with a break beneath that targeting the 23.6% Fibonacci expansion at 1.0324. Major resistance is effectively at the 1.05 figure, with a push above that exposing the August 9 close at 1.0578. We continue to hold short.